IOCs: We won’t abandon Nigerian oil projects despite theft, low price

By Daniel Adugbo | Publish Date: Mar 19 2015 4:00AM

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International Oil Companies (IOCs) have resolved to stay in the country despise the hard times.Shell Petroleum Development Company (SPDC) says it is keen to see its projects in Nigeria through to completion without fear of abandonement half way despite the twin challenges of oil price decline and the very tough fiscal conditions it faces in Nigeria.The oil giant had in January announced that it will cut global investment spending by $15billion over the next three years following the collapse in oil prices causing fears about its projects in Nigeria.

However, speaking yesterday in a panel session of oil majors, at the Nigeria Oil and Gas Forum, Managing Director, Shell Petroleum Development Company (SPDC) and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, said the company is committed to long term projects in Nigeria with improved fiscal terms and better security.Joined in the session were the MD ExxonMobil Upstream Nigeria, Nolan O’Neal; MD Total Upstream Nigeria, Mrs Elizabeth Proust, Senior Vice President and MD Addax Petroleum Nigeria Cornelis Zegelaar, who said their companies were committed to community social responsibilities in their areas of operations.Earlier in a key note speech by the Vice president Nigeria and Shell Upstream International on Tuesday, Mr. Markus Droll, Shell reiterated that its projects were intact and current divestment primarily aimed at refocusing its portfolio in Nigeria.Droll said taking a Final Investment Decision (FID) on the world-class Bonga South West Aparo project is one of the deep water investment projects it is currently working on.“There are ongoing drilling projects on the Bonga Floating Production and Storage Offload (FPSO) such as the Bonga North West tie back which produced first oil in August 2014 ahead of plan and below the agreed budget.These projects are intended to generate returns for the nation and all stakeholders.

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